Morrisons’ chief financial officer, Michael Gleeson, is stepping down after the Big 4 grocer was taken over by a private equity investor.
Gleeson revealed it was “a good time” for him to “take on a fresh challenge,” with Morrisons CEO David Potts adding that Gleeson had “made a significant contribution to the business over the past eight years.”
Gleeson joined Morrisons in 2014, where he was first a trading director for ambient grocery, frozen, dairy, fuel and services – before making CFO.
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Before 2014, Gleeson worked at Tesco for 15 years serving in various senior finance roles.
The move comes after a £10 billion acquisition of Morrisons by Clayton, Dubilier & Rice (CD&R) was financed, with £3.4billion of equity and a £6.6 billion package of bridging loans that will need to be refinanced.
Initially, Morrisons and CD&R were planning on starting debt refinancing rights after the takeover was completed. However, the recent Omicron wave had pushed back the process until after Christmas 2021.
Currently, Gleeson has not clarified when his departure from Morrisons will be, and who will be the new CFO.